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HKDX Exchange on eToroX
As a currency which has been pegged to the US dollar since 1983, the Hong Kong Dollar was an obvious choice when five new stablecoins were launched recently on the eToroX Exchange. The Hong Kong dollar (HKDX) joins the Turkish lira (TRYX), the Polish zloty (PLNX), the South African Rand (ZARX), and the Singapore dollar (SGDX) — as stablecoins on eToroX Exchange — to bridge the gap between the world of cryptoassets and traditional financial markets. Seventeen stablecoins are currently being traded on the eToroX exchange, including eToroX’s US Dollar (USD), the Euro (EURX) and the Pound Sterling (GBPX). There are 99 trading pairs available on eToroX.
HKDX is a tokenized stablecoin — a cryptoasset linked to a traditional fiat currency — in this case, to the Hong Kong dollar (HKDX), which can now be traded on eToroX Exchange. The price of the HKDX is linked to the Hong Kong dollar on a 1:1 value basis, so if you trade HKDX on eToroX, it is the same as trading fiat Hong Kong dollars.
HKDX Trading on eToroX Exchange
2019 saw the birth of the HKDX stablecoin — which represents a fusion of the traditional world of financial markets and the world of blockchain. Stablecoins were introduced into the world of cryptocurrencies to counteract their inherent lack of stability.
If you want to buy HKDX, first fund your account with Bitcoin or Ethereum, or any other supported cryptoassets, then you can download and use the eToro Wallet, and buy HKDX. Once you have bought HKDX, you will be able to sell, or exchange it on eToroX exchange — against the available stablecoins and cryptoassets.
HKDX Exchange Pairs
HKDX is currently paired on eToroX exchange against the tokenized stablecoin of the US Dollar (USD/HKDX).
What Affects the Hong Kong Dollar/HKDX
The Hong Kong dollar and HKDX are influenced by these external drivers:
- Political developments, especially anti-government protests, which have caused a deterioration in Hong Kong’s economy.
- A reduction in the numbers of foreign tourists and business people in the city — who are staying away out of fear of increasing violence.
- The country’s general dependency on the services and tourism industries.
Why Trade HKDX with eToroX
In the disruptive world of cryptoassets, eToroX offers you a secure exchange platform on which to trade. eToroX is the crypto and blockchain arm of the social trading platform eToro, and is regulated by the Gibraltar Financial Services Commission (GFSC). This ensures exchange and trading of HKDX and other cryptoasset pairs in a safe, secure and transparent environment.
You can now exchange HKDX on eToroX for other cryptoassets, including Bitcoin, Litecoin, Stellar, EURX, GoldX and SilverX.
How to get started with HKDX
First of all, open and verify your trading account, transfer funds into it and connect to the trading exchange. At that point, you will be able to buy or sell HKDX or exchange it for another stablecoin or cryptoasset. The procedure is simple using the online form. You can also create a profile by using your Gmail or Facebook account or your existing eToro account.
The next step is to download the eToro Wallet – a cold storage wallet – to store your cryptoassets – on either Android Play Store or iOS/App Store. Once the funding cryptos are there, you will be able to transfer them to the exchange and buy HKDX.
The above content is for informational purposes only and should not be construed as financial or any other type of advice. All trading involves risk of capital loss. Digital Assets trading also involves additional special risks not generally shared with official currencies, goods or commodities. For more information on the risks please refer to our Risk Disclaimer.